Carbon Capture and Storage Market Size Worth $10.45 Billion By 2026 | CAGR: 11.5%: Polaris Market Research

NEW YORK, Nov. 23, 2020 /PRNewswire/ -- The global carbon capture and storage market size is expected to reach USD 10.45 billion by 2026 according to a new study conducted by Polaris Market Research the market is anticipated to register a CAGR of 11.5% from 2020 to 2026. Increasing industrialization coupled with the rising investments for the development of emission control machines is expected to create significant opportunities for global carbon capture and sequestration market. In addition to this, the requirement for a cost-effective solution to control CO2 emissions in major energy-intensive industries, augmenting the demand for the global market. Several government initiatives and policies to reduce greenhouse gases emission across the sectors will further propel the market growth during the forecast period. Moreover, smaller equipment size and lower capital costs make it a suitable solution for industrial and utility applications, thus further driving the demand for the market.

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Key Highlights for Global Carbon Capture and Sequestration (CCS) Market

• With the involvement of regulators, several government initiatives to limit greenhouse gas emissions across key sectors are primary factors projected to grow carbon capture and sequestration market size during the forecast period.
• The post-combustion segment is expected to witness substantial growth over the forecast period owing to increased energy generation and adoption of advanced heat integration systems along with amine systems.
• Enhanced oil recovery activities are dominating the global application demand and accounted for the majority of the revenue share for the market. Increasing dependence on crude oil imports and depleting production rates in conventional oil reserves has led to significant growth of EOR techniques.
• Increasing energy demand and stringent regulatory norms to reduce the carbon footprint across key sectors will lead to the surge in demand for carbon capture and sequestration technology in North America region.
• The COVID-19 pandemic has posed some difficulties for the ongoing government projects. However, when it comes to safeguarding climate and energy, it is expected that governments across the globe will resume operations sooner.

Leading industry players are primarily focusing on the research and development of advanced efficient carbon capture technologies to cater to the growing consumer demands. In addition to this, they are expanding their presence across different regions to increase their customer base. Aker Solutions, Halliburton, Honeywell International, Fluor, Siemens, Shell Global, Mitsubishi Heavy Industries, and Maersk Oil are some of the prominent players present in the global market.

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November 2020, Salk Institute and Sempra Energy officially declared a new project that will work on education, research, and implementation of advance plant-based carbon capture and sequestration to help deal with the climate crisis.

Regional Insights & Trend Analysis:

North America is projected to take a huge lead in the market owing to the presence of various advanced carbon capture & sequestration plants and increasing investments in R & D activities for innovation in the field. In addition to this existence of high volume storage locations set to further favor growth in the region. Asia Pacific market is expected to progress with a healthy growth rate on account of the availability of coal-fired power plants. However, the economic slowdown in some Asian countries may slow down the market growth to some extent.

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Polaris Market research has segmented the carbon capture and storage market report on the basis of level, application, material type, product type, product style and region

Carbon Capture and Storage Capture Type Outlook (Revenue – USD Million, Volume – MMT 2015 – 2026)

• Pre-combustion
• Industrial separation
• Oxyfuel-combustion
• Post-combustion

Carbon Capture and Storage Application Outlook (Revenue – USD Million, Volume – MMT 2015 – 2026)

• Enhanced Oil Recovery
• Industrial
• Agriculture
• Others

Carbon Capture and Storage Regional Outlook (Revenue – USD Million, Volume – MMT 2015 – 2026)

• North America (U.S., Canada, Mexico)
• Europe (France, Germany, UK, Spain, Poland, Italy, Belgium, RoE)
• Asia Pacific (India, Japan, China, Australia, Malaysia, Indonesia, RoAPAC)
• Latin America (Brazil, Argentina, RoLATAM)
• MEA (Saudi Arabia, UAE, Nigeria, Rest of MEA)

List of Key Players of Carbon Capture and Storage Market

• Shell CANSOLV
• AkerSolutions
• Statoil
• Dakota Gasification Company
• Linde Engineering India Pvt. Ltd
• Siemens AG
• Fluor
• Sulzer
• Mitsubishi Heavy Industries
• Maersk Oil
• Japan CCS Co., Ltd.
• HTC CO2 Systems Corp.

Target Audience

• Supply-side: Oil and Production Companies Natural Gas Processing Companies, Power Generation Companies
• Demand Side: Across Industries
• Regulatory Side: Federal Energy Regulatory Commission (FERC), World Energy Council (WEC)
• Associations and Industry Bodies: International Energy Agency (IEA)

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About Polaris Market Research

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SOURCE Polaris Market Research